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The Emergence of the Euro as an International Currency

Portes, Richard - 1998

The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro financial markets and thickness externalities in the use of the euro as a means of payment will be the major factors determining the importance of the euro as an international...

Persistent link: https://www.econbiz.de/10012472384

The microstructure of foreign exchange markets

Frankel, Jeffrey A. (ed.); Galli, Giampaolo (contributor); … - 1996

Persistent link: https://www.econbiz.de/10013480894

Optimal Financial Transaction Taxes

Dávila, Eduardo - 2020

This paper characterizes the optimal transaction tax in an equilibrium model of competitive financial markets. As long as investors hold heterogeneous beliefs that are not related to their fundamental trading motives and the planner calculates welfare using any single belief, a strictly positive...

Persistent link: https://www.econbiz.de/10012481129

Temporary Controls on Capital Inflows

Reinhart, Carmen M. - 2001

During the past decade a number of countries imposed capital controls that had two distinguishing features: they were asymmetric, in that they were designed principally to discourage capital inflows, and they were temporary. This paper studies formally the consequences of these policies,...

Persistent link: https://www.econbiz.de/10012470297

Macroeconomic implications of the beliefs and behavior of foreign exchange traders

Cheung, Yin-Wong (contributor); … - 1999 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001511630

Macroeconomic Implications of the Beliefs and Behavior of Foreign Exchange Traders

Cheung, Yin-Wong - 1999

We report findings from a survey of United States foreign exchange traders. Our results indicate that (i) technical trading best characterizes about 30% of traders, with this proportion rising from five years ago; (ii) news about macroeconomic variables is rapidly incorporated into exchange...

Persistent link: https://www.econbiz.de/10012471364

Order Flow and Exchange Rate Dynamics

Evans, Martin D.D. - 1999

Macroeconomic models of nominal exchange rates perform poorly. In sample, R2 statistics as high as 10 percent are rare. Out of sample, these models are typically out-forecast by a na‹ve random walk. This paper presents a model of a new kind. Instead of relying exclusively on macroeconomic...

Persistent link: https://www.econbiz.de/10012471467

Asset Markets, Exchange Rates and the Balance of Payments

Frenkel, Jacob A. - 1984

This paper, written as a chapter for a Handbook of International Economics, reviews developments in the theory of … of exchange rate theory, starting with the monetary approach to exchange rate determination. Issues discussed in this … framework that views the question of exchange rate determination as part of the general theory of the determination of asset …

Persistent link: https://www.econbiz.de/10012477808

The Forward Exchange Market, Speculation, and Exchange Market Intervention

Eaton, Jonathan - 1983

This paper develops a stochastic equilibrium model of an open economy incorporating speculation in the forward exchange market. The model is used to examine two issues. The first is the role of speculation in stabilizing the economy against stochastic disturbances. Much risk averse speculation...

Persistent link: https://www.econbiz.de/10012477963

Rational Expectations and the Foreign Exchange Market

Hartley, Peter R. - 1982

Many models of exchange rate determination imply that movements in money supplies and demands should result in movements in exchange rates. Hence, if rational agents are attempting to forecast exchange rate movements, they should in the first instance forecast movements in the supplies of and...

Persistent link: https://www.econbiz.de/10012478248

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